HyTest realizes record revenue and profits
Raw material for the IVD industry providing HyTest has aschieved high growth also 2016. The revenues grew by 37,6 %.
HyTest (Turku, Finland) is one of the most important raw material providers for the IVD industry. Currently, it sells its products to over 50 countries throughout the world.
During 2016, HyTest was able to achieve a record high growth in sales. Consolidated revenues grew by 37.6% to a total of 23.8 million euros. The positive sales development was partially influenced by a few larger purchases that were postponed from 2015 to early 2016 because of changes and developments in the processes of its customers. These unexpected sales had an impact on the 2017 sales figures and it is expected that the 2017 sales growth rate will be more conservative.
Together with record high sales figures, Hytest’s operating profit margin grew to 11.3 million euros.
In 2016, HyTest continued active new product development and this saw new products for both human and veterinary diagnostics being launched. Significant investments were also made in new technologies that will enable us to further develop our recombinant antibodies and antigens which are likely to play an important role in future laboratory immunodiagnostics.
HyTest’s SES-BNP technology related patents were approved in all major markets during 2016. This enabled HyTest to sign a significant licensing agreement with a major global industry partner. HyTest also actively took actions throughout the year to protect its prior art by filing third party observations.
In 2016, 96% of sales came from export sales and the main market once again proved to be the US, which accounted for 40% of sales. The US sales grew markedly and the growth was in part due to the unexpected purchases mentioned earlier. Sales growth in China was also significant, accounting for 29% of the consolidated sales. At the same time, sales from Western Europe lagged behind and accounted for 20% of the consolidated sales.
HyTest manufactures monoclonal antibodies and antigens that are mainly used by the diagnostics industry as key components of laboratory tests. HyTest has become an international market leading raw material supplier in some important market segments, such as cardiovascular diseases diagnostics and influenza-virus detection reagents. HyTest’s main customer segments are in vitro diagnostics companies and research groups throughout the world.